When a Business Becomes Insolvent, It Generally Has Three Possible

When a business becomes insolvent, it generally has three possible courses of action. Which of the following is NOT one of the three possible courses of action?

A) The debtor and its creditors may enter into a contractual agreement, outside of formal bankruptcy proceedings.
B) The debtor continues operating the business in the normal course of the day-to-day operations.
C) The debtor or its creditors may file a bankruptcy petition, after which the debtor is liquidated under Chapter 7.
D) The debtor or its creditors may file a petition for reorganization under Chapter 11.